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L&A International fiscal Q4 loss widens YOY

L&A International Holdings Ltd. said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of HK$4.1 million, compared with a loss of HK$482,500 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 7.3% from negative 0.7% in the year-earlier period.

Total revenue decreased 19.8% on an annual basis to HK$56.2 million from HK$70.0 million, and total operating expenses declined 9.4% year over year to HK$64.9 million from HK$71.7 million.

Reported net income came to a loss of HK$7.6 million, or a loss of 1 cents per share, compared to a loss of HK$876,000, or a loss of 0 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled HK$10.6 million, compared with income of HK$7.0 million in the prior year.

Full-year total revenue declined 7.9% from the prior-year period to HK$350.4 million from HK$380.4 million, and total operating expenses fell on an annual basis to HK$357.1 million from HK$370.8 million.

The company said reported net income came to a loss of HK$18.4 million, or a loss of 2 cents per share, in the full year, compared with income of HK$7.1 million, or 1 cents per share, the prior year.